Crypto Chaos: Is This the End of Altcoins or Just Another Dramatic Episode?

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Ah, the crypto market, that whimsical beast, has once again decided to take a nosedive this fine Monday morning. Total2, which represents the market capitalization of all cryptocurrencies minus our beloved $BTC, has plummeted by a staggering 4.2% today. Even the mighty $ETH, once a beacon of hope, is down more than 5%. One can’t help but wonder: when will this downward spiral cease? Perhaps when the stars align or when the next great crypto prophet emerges? 🤔

Another week, another crypto crash

Indeed, it seems we are trapped in a never-ending cycle of despair and fleeting hope. The Fear and Greed Index remains in a state of neutral, as if it’s waiting for a divine intervention or perhaps a cataclysmic event that will signal the bottom of this rollercoaster ride. 🎢

Bitcoin Dominance spikes

In a twist of fate, Bitcoin Dominance (BTC.D) has surged, lurking just beneath the ominous resistance at 61.6%. Should it break through, we might just witness a calamity of epic proportions. Hold onto your hats, folks! 🎩

Altcoin market cap at major support

Behold the Total2 chart, where the combined altcoin market cap is precariously perched on the crucial horizontal support of $1.18 trillion. Should this support crumble like a stale cookie, and a new candle body dares to open below by week’s end, we could be in for a world of hurt. But fear not! This support is as strong as a bull on a caffeine high, and there’s still a week left for the bulls to rally and reclaim their territory. 🐂

At the bottom of this chaotic chart, the Stochastic RSI is whispering sweet nothings, indicating we are near the bottom. A rally is brewing, but beware! The bears are lurking, ready to wreak havoc before the dawn of a new day. 🐻

The $ETH price matters

With a market cap of $323 billion, the price of $ETH is crucial for the fate of altcoins everywhere. The chart above reveals that it has fallen to a horizontal support at $2,700. Should it dare to plunge further and break through the small ascending trendline, we might just be staring into the abyss of despair. 😱

Major support levels lie below, first at $2,350, and then at $2,150. This last bastion of support also marks the boundary of the bull market trendline—a final line in the sand, if you will. Let us hope it holds, or we may find ourselves in a crypto purgatory! ⚰️

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2025-02-24 15:06